花旗:上調六福集團目標價至27.6港元 評級買入
花旗發表研究報吿指出,六福(0590.HK)2023財年中期收入及純利增長持平,核心純利(不包括黃金貸款的公允價值收益/損失)按年跌10%,由於黃金銷售組合增加且金價下跌,令毛利率收縮。公司固定價格珠寶毛利率擴張帶來驚喜。
此外,該行指期內六福香港及澳門收入與經營利潤率復甦情況好過預期,相信有關勢頭將持續至下半財年。相比之下,內地業務的收入及經營利潤率錄得下跌,主要由於受疫情影響而延遲開店時間。
花旗對六福的2023至2025財年純利預測上調6%、5%及3%,以反映較佳的毛利率預測,目標價由26.5港元上調至27.6港元,意味着2023財年預測市盈率10.5倍,符合歷史平均水平,評級“買入”。

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